The cryptocurrency market digest (BTC). Overview for 10.05.2023

The BTC rate stabilised around 27,413 USD on Monday. The weekly loss is estimated at 2%.

The leading cryptocurrency rose today above intermediate resistance at 27,300 USD. This may force sellers to reduce volumes, but for a solid rise, the quotes need to secure above the 29,300 USD level. The target to secure is at 31,500 USD and from there to 32,700 USD.

The market focus is on the situation with the US budget and the public debt limit. Time is running out: by 1 June, the federal government may run out of money to finance its own needs. If this happens, BTC could become a defensive asset for a while.

The cryptocurrency market capitalisation has recovered to 1.143 trillion USD, with BTC’s share returning to 46.5% and ETH’s share rising to 19.7%.

The number of investors in BTC is on the rise

Glassnode notes that the number of Bitcoin addresses holding at least 1 BTC has surpassed the one million mark. According to the service, this number has increased by 190,000 since 1 February 2022.

US cryptocurrency companies move to Bermuda

US cryptocurrency companies are increasingly choosing the jurisdiction of Bermuda to continue their operations as the US regulatory environment becomes increasingly complex and aggressive towards the industry. Coinbase was previously licensed by the Bermuda Monetary Authority.